Capital Goods Definition under Model GST Law Definition of Capital Goods as per the New Draft Model GST Law, released by CBEC on 25.11.2016 – “capital goods” means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which are used or intended to be used in the course or… Read More »

Taxable person Section 10 of Draft Model GST Law [ Released by CBEC on 25.11.2016 ] Taxable person (1) Taxable Person means a person who is registered or liable to be registered under Schedule V of this Act. (2) A person who has obtained or is required to obtain more than one registration, whether in one State… Read More »

GST compliance rating Section 138 of Draft Model GST Law [ Released by CBEC on 25.11.2016 ] GST compliance rating (1) Every taxable person shall be assigned a GST compliance rating score based on his record of compliance with the provisions of this Act. (2) The GST compliance rating score shall be determined on the basis… Read More »

Anti-profiteering Measure Section 163 of Draft Model GST Law [ Released by CBEC on 25.11.2016 ] Anti-profiteering Measure (1) The Central Government may by law constitute an Authority, or entrust an existing Authority constituted under any law, to examine whether input tax credits availed by any registered taxable person or the reduction in the price on… Read More »

All 4,041 cities/towns asked to shift to cashless transactions; Madhya Pradesh to do so by March next year Internet banking, Online payments and PFMS to be adopted Shri M.Venkaiah Naidu launched cashless transaction facility of Visakhapatnam Corporation As a part of the ongoing efforts to move towards cashless transactions of all kind, the Ministry of… Read More »

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